Stainless steel wire manufacturing stock hit fresh 52-week high as company reports stellar quarterly results (Q1FY25); PAT jumps over 80 per cent!
At the closing bell, shares of the company were trading at Rs 372.95 per share, up 5.83 per cent with a spurt in volume by more than 2.93 times on BSE.
Today, one of the Top Gainers on BSE, shares of Bansal Wire Industries Ltd surged 9.25 per cent and made a fresh 52-week high of Rs 385 per share from its previous closing of Rs 352.40 per share. At the closing bell, shares of the company were trading at Rs 372.95 per share, up 5.83 per cent with a spurt in volume by more than 2.93 times on BSE.
The company's stock price skyrocketed with heavy trading activity after it unveiled impressive Q1FY25 results. Standalone quarterly performance was marked by a 23.5 per cent surge in net sales to Rs 676.61 crore, a 70.6 per cent jump in operating profit to Rs 46.69 crore and a 50.1 per cent increase in net profit to Rs 25.96 crore compared to the same period last year.
On a consolidated basis, the numbers were even more striking, with net sales climbing 49.1 per cent to Rs 816.91 crore, operating profit soaring 127.4 per cent to Rs 62.24 crore and net profit rising 82.2 per cent to Rs 31.51 crore in Q1FY25 compared to Q1FY24. Building on this momentum, the company's consolidated annual results for FY24 also demonstrated growth, with net sales up 2.24 per cent to Rs 2,466 crore, operating profit increasing by 37.1 per cent to Rs 105 crore and net profit climbing 31.7 per cent to Rs 79 crore compared to FY23.
Commenting on the performance, Mr Pranav Bansal, MD & CEO, Bansal Wire Industries Limited said, “Following the tremendous success of our recent Initial Public Offering (IPO), we are thrilled to announce another outstanding quarterly performance, showcasing our operational efficiencies and capabilities. We anticipate sustained growth momentum throughout FY25 as the Government’s ongoing focus on infrastructure development, automotive industry and an expected increase in capital expenditure, presents a highly favourable environment for our industry. Bansal Wire is strategically positioned to capitalize on these opportunities and drive continued success in the coming years.”
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About Bansal Wire Industries Limited
Bansal Wire Industries Limited (BWIL) is a prominent player in India's steel wire industry, with a rich history dating back to 1938 as part of the Bansal Group. The company has solidified its position as the largest stainless steel wire manufacturer and the second-largest steel wire manufacturer in terms of volume within the country. With a diversified product portfolio encompassing over 3,000 types of steel wire, BWIL caters to a wide array of sectors including automotive, infrastructure, and consumer durables. This extensive product range, coupled with a strong customer base of over 5,000 clients, underscores the company's adaptability and market penetration.
BWIL’s operations span across various industries, with significant contributions from automotive, infrastructure, and miscellaneous sectors to its revenue. The company has also established a global footprint, exporting its products to over 50 countries. This international presence, coupled with a network of global representatives, highlights BWIL's commitment to expanding its market reach and serving customers worldwide. The company's enduring legacy, market leadership, and diverse operations position it as a key player in the steel wire industry. The company has a market cap of Rs 5,839 crore.
Disclaimer: The article is for informational purposes only and not investment advice.